Big things are coming! US employment data is reported to be good for interest rate cuts. Bitcoin has the longest consecutive rise since March. Will it reach 100,000 US dollars in December?
Last night, the United States released the ADP new employment data for May, showing that the labor market has further cooled, which is expected to boost the Fed's confidence in interest rate cuts. If the employment report continues to surprise, the Fed may raise the interest rate cut from September to July.
Canada, one of the G7 countries, has taken the lead in firing the "first shot" of interest rate cuts. The Bank of Canada cut interest rates to 4.75% as scheduled. After the news of the interest rate cut came out, the Canadian stock market and bond market rose together. It seems that the Fed's interest rate cut is really getting closer and closer to us. Once the interest rate is cut, risky assets, especially crypto assets led by Bitcoin, will benefit first.
It is worth mentioning that Bitcoin, as the world's largest digital asset, has ushered in the longest consecutive rise since March. If Trump takes office smoothly and the Fed cuts interest rates, it is very likely to reach the record-breaking 100,000 US dollars before the end of the year, or even higher.
This round of bull market is somewhat different from the past because the source of funds is different. The main source of Bitcoin's rise was originally centralized exchanges like Binance, but now it comes from ETFs. In June, once the Ethereum ETF is successfully passed, Ethereum will also usher in a large purchase of institutional funds, so these two mainstream currencies must be configured, and the position cannot be too low.
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